Factors of Success and Failure of a Business Idea (II)

Rien Pfimmer — Wed, 23 Jun 2010 10:35:02 +0000

Ignorance of the market
It is absurd to embark on an adventure in an unknown market. But it is also dangerous to believe that a market we know by the mere fact of having worked on it for several years. We must make every effort to understand how the market is our business and how it works.

Product or inadequate service
It is very likely to fall in love with your product or service and do not understand what the market is asking. If the product does not meet what the market wants, the product is inadequate. We must continually ask whether the product offered meets the customer expectations.

Marketing Mistakes
Not all entrepreneurs are good business, nor know the proper techniques for marketing your product. It should be very attentive to this aspect, it is useless without customers an excellent deal.

Ignorance of the fundamentals of running a business
Although not necessary to do an MBA to run a business, it is good to know the fundamentals of managing all areas of business, at least to reach agreement with the experts who at some point resort for help.

Lack of Planning
Mount a company is not a picnic, not just load all the gear in the car and wait for good weather. To survive in today’s business world must be clear where you want to go and how you arrive, whether even that is achieved at the end as you had hoped.

Logan Marshall Green Business » managing all areas of business

Factors of Success and Failure of a Business Idea (II)